790 foreclosed Michigan properties on the block
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 23, 2008
Residential real estate buyers will have two chances to get deals hundreds of properties at auction.
The first auction starts Tuesday and runs through Sunday. Up for auction are 790 foreclosed Michigan properties. Nearly 700 are in metro Detroit and are valued from $2,000 to $500,000 and come with title insurance. The rest are in other Michigan cities such as Jackson and Kalamazoo.
"Bank-owned foreclosure auctions are a great way for buyers to find exceptional values on homes because lenders are anxious to unload loans costing them money," said Dave Webb, principal of Hudson & Marshall, auctioneers for the property.
Metro Detroit had the highest rate of foreclosure in 2007 among the 100 largest cities, according to RealtyTrac Inc.
The auction will take place Tuesday and Wednesday at 1 p.m. at the Doubletree Hotel in Dearborn. On Thursday, there are two auctions at 1 p.m. and 7:30 p.m., also at the Doubletree. On Saturday and Sunday, the auction starts at 1 p.m. and moves to the Ford Motor Co. Conference & Event Center in Dearborn.
All homes are sold as-is and potential buyers can attend open houses today from 1 to 3 p.m. The properties are listed at www.hudsonandmarshall.comv or buyers can call 866-539-4172 for more information.
Winning bidders need to make a cash deposit of $2,500 or 5%, whichever is greater, on the day of the auction. Usually, the properties close within 30 days.
Webb said Hudson & Marshall has been conducting real estate auctions in Detroit since 1999. Back then, they would auction around 100 properties. That number has grown sevenfold.
"The best stuff will sell Saturday and Sunday," Webb said. "During the week, we put our really low-dollar investor stuff out. Thursday night at 7:30 will have some of the better stuff."
The listings include homes in Detroit, Novi, Bingham Farms, Ferndale, Plymouth, Bloomfield Hills, Dearborn, Oak Park and other cities.
Another auction focuses on the other end of the market -- new homes and home sites. NRC Realty Advisors in Rochester plans to auction them on April 19. They include 16 new builder homes and condominiums and 273 build-ready lots in seven subdivisions.
The properties were developed by Fritz Builders of Romeo and Michael Moceri of Novi. They are in Almont, Armada, Hartland, Lapeer, Metamora, Northville, Romeo and St. Clair.
Suggested opening bids for the homes that were originally from $250,000 to $2.5 million is $60,000. The $2.5-million price tag came on a 5,700-square-foot luxury log cabin in Northville that is part of the auction.
"In distressed real estate markets such as Detroit, buyers have been able to pick up tremendous bargains when they buy at a real estate auction," said Laurie Tarver, NRC senior vice president.
To view the properties, go to www.nrc.com/806 or call 800-747-3342, ext. 806. The houses and condominiums will be open for viewings on April 4, 5, 12 and 13.
The auction is at the Royal Park Hotel, 600 E. University Drive, Rochester.
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 23, 2008
Residential real estate buyers will have two chances to get deals hundreds of properties at auction.
The first auction starts Tuesday and runs through Sunday. Up for auction are 790 foreclosed Michigan properties. Nearly 700 are in metro Detroit and are valued from $2,000 to $500,000 and come with title insurance. The rest are in other Michigan cities such as Jackson and Kalamazoo.
"Bank-owned foreclosure auctions are a great way for buyers to find exceptional values on homes because lenders are anxious to unload loans costing them money," said Dave Webb, principal of Hudson & Marshall, auctioneers for the property.
Metro Detroit had the highest rate of foreclosure in 2007 among the 100 largest cities, according to RealtyTrac Inc.
The auction will take place Tuesday and Wednesday at 1 p.m. at the Doubletree Hotel in Dearborn. On Thursday, there are two auctions at 1 p.m. and 7:30 p.m., also at the Doubletree. On Saturday and Sunday, the auction starts at 1 p.m. and moves to the Ford Motor Co. Conference & Event Center in Dearborn.
All homes are sold as-is and potential buyers can attend open houses today from 1 to 3 p.m. The properties are listed at www.hudsonandmarshall.comv or buyers can call 866-539-4172 for more information.
Winning bidders need to make a cash deposit of $2,500 or 5%, whichever is greater, on the day of the auction. Usually, the properties close within 30 days.
Webb said Hudson & Marshall has been conducting real estate auctions in Detroit since 1999. Back then, they would auction around 100 properties. That number has grown sevenfold.
"The best stuff will sell Saturday and Sunday," Webb said. "During the week, we put our really low-dollar investor stuff out. Thursday night at 7:30 will have some of the better stuff."
The listings include homes in Detroit, Novi, Bingham Farms, Ferndale, Plymouth, Bloomfield Hills, Dearborn, Oak Park and other cities.
Another auction focuses on the other end of the market -- new homes and home sites. NRC Realty Advisors in Rochester plans to auction them on April 19. They include 16 new builder homes and condominiums and 273 build-ready lots in seven subdivisions.
The properties were developed by Fritz Builders of Romeo and Michael Moceri of Novi. They are in Almont, Armada, Hartland, Lapeer, Metamora, Northville, Romeo and St. Clair.
Suggested opening bids for the homes that were originally from $250,000 to $2.5 million is $60,000. The $2.5-million price tag came on a 5,700-square-foot luxury log cabin in Northville that is part of the auction.
"In distressed real estate markets such as Detroit, buyers have been able to pick up tremendous bargains when they buy at a real estate auction," said Laurie Tarver, NRC senior vice president.
To view the properties, go to www.nrc.com/806 or call 800-747-3342, ext. 806. The houses and condominiums will be open for viewings on April 4, 5, 12 and 13.
The auction is at the Royal Park Hotel, 600 E. University Drive, Rochester.
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